Banque Saudi Fransi posts a net income of SR2,147m for the first 9 months of 2009

Net income of SR714m was recorded during the 3rd Quarter of 2009 against SR692m for the 2nd Quarter of 2009 - an increase of 3.2 % - and SR728m for the 3rd Quarter of 2008 - a decrease of 1.9%. The earnings per share reached SR2.97 for the 9 months compared with SR3.09 for the same period during the last year.

In terms of core activities, The Bank has posted Net special commission income of SR2,282m for the nine months of 2009 compared to SR2,003m for the same period last year. This represents an increase of 14%, which reflects the Bank's ability to successfully manage its funding margins in a heightened risk environment. Net special commission income for the 3rd Quarter of 2009 was SR758m as compared to SR684m for the 3rd Quarter of 2008. This represents an increase of 11% over the same quarter of last year.

Total operating income for the 9 months ending September 2009 stood at SR3,232m compared with SR3,246m for the same period a year earlier, a minor decrease of 0.4%. Total operating income was SR1,057m for the 3rd Quarter of 2009, down 7% compared to SR1,136m for the 3rd Quarter of 2008.

Total operating expenses including provisions have increased by 6.7%, reaching SR1,080m in the first 9 months of 2009 compared to SR1,012m during the same period last year. The discipline in rationalizing expenses has been maintained quite well, keeping in mind that the bank continues to invest in its infrastructure and growth.

Total assets as at September 30, 2009 were SR122bn, representing an increase of 1% compared to SR121bn at the same point last year. The Bank's loan portfolio has increased to SR81bn, with a growth ratio of 3% compared to SR79bn at the end of September 2008. On the liabilities side, Customer deposits too have shown a healthy growth of 7% to SR90bn, from SR84bn at the same point last year.

BSF Chairman, Sheikh Ibrahim Al-Touq, expressed his satisfaction with the overall operating performance of the bank, which continues to be robust.

The Chairman noted that the Bank has been able to improve its performance across its core business activities while working to enhance the confidence of the customers in a rapidly evolving environment. He reiterated his confidence in the Bank's ability to pursue potential growth opportunities in the future while continuing to maintain its solid financial base.

He thanked the BSF management and staff for their hard work and commitment and looks forward to their continued dedication towards achieving the goals of stakeholders while focusing on customer satisfaction. He also thanked the customers for their confidence and loyalty reposed in BSF.

Sheikh Ibrahim Al-Touq concluded his statement by assuring that BSF will continue to dedicate its all efforts towards continuously improving the banking experience for its customers.